Profits up 13.5% at Glen Electric as revenue rises
Pre-tax profits at Glen Electric, the Newry-based division of electric appliance giant Glen Dimplex, rose by 13.5% to £68.54m (€87.16m) last year.
Glen Electric is estimated to account for around half of the Dublin-based Glen Dimplex's overall business.
New figures show that the company recorded the increase in profit after the firm's revenues rose by 4% to £845m.
Glen Dimplex has unlimited status and is not required to file public accounts. Glen Electric is the largest manufacturer of domestic heating appliances in the world, with a range of more than 400 products and is one of the largest employers on the island of Ireland, employing 5,013 people.
Established by Dublin native Martin Naughton in 1973, Glen Dimplex's brands include Morphy Richards, Creda, Belling along with Dimplex.
The accounts show that Glen Electric paid a dividend of £8.4m to Glen Dimplex last year after a dividend payout of £9.7m in fiscal 2013.
Glen Electric is led by chief executive and chairman Sean O'Driscoll with Michael Maher also sitting on the board.
The accounts disclose that the highest paid director - who is not identified - received remuneration of £274,000 last year.
The firm's balance sheet remains very strong with shareholder funds standing at £368m including cash of £217m.
The company's pre-tax profits last year take account of non-cash depreciation costs of £15.3m.
According to the most recent accounts, "the directors will continue to develop the principal activities of the group and to identify areas with further growth potential and acquisitions, which would increase shareholder value".
Glen Electric's staff costs last year increased marginally from £189.6m to £191.8m as the numbers employed fell from 5,034 to 5,013.
Glen Electric reduced its research and development spend from £27.29m to £26.96m. Numbers employed in R&D increased from 373 to 384.
Glen Dimplex in Northern Ireland consists of a base in Craigavon, where electrical appliances are distributed, one in Portadown, where heaters are manufactured, and one in Newry, where convector heaters and heat pumps are manufactured.